Tnuva
| Tnuva Food Industries Agricultural Co-Op in Israel Ltd.
|
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|---|---|
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| legal form | Limited |
| founding | 1926 |
| Seat |
Glilot near Tel Aviv , Israel
|
| management | Arik Schor ( CEO ) |
| Number of employees | 6,630 |
| sales | 7.17 billion shekels (1.8 billion euros) |
| Branch | Food |
| Website | www.tnuva.co.il |
| Stand 2013 | |
Tnuva Food Industries Agricultural Co-Op in Israel Ltd. , generally just called Tnuva (fruit, product; Hebrew תנובה), is an Israeli agricultural company that focuses on the production and marketing of milk and dairy products. Other product areas are meat, fish, eggs, baked goods and long-life packaged foods (frozen foods).
Market position
With a market share of more than 70% for dairy products, Tnuva is at least the largest dairy company in Israel, and according to its own information and others it is even the largest food company in the country. On the “Dun's 100” list published annually by Dun & Bradstreet , Tnuva was the 25th highest-grossing company in the country for the 2006 financial year (excluding banks and insurance companies). The Israeli antitrust authorities classified Tnuva as a monopoly company , which resulted in state regulation and price monitoring.
history
Tnuva was founded in 1926 by around 620 kibbutzim and moshavim as a central cooperative for the marketing of their agricultural products. At the beginning, the Tnuva range was limited to drinking milk, but other dairy products were added in the 1930s.
In 2005, Tnuva expanded to Romania and, with the support of the European Bank for Reconstruction and Development , invested almost 60 million euros in building a new dairy in Popeşti-Leordeni in the Ilfov district . In Adunații-Copăceni in Giurgiu County , Tnuva acquired a large dairy farm for 1 million euros and modernized it. However, since the production costs were not competitive in the local market, the profit zone was not reached. The farm was closed in 2011, and in 2012 the Romanian subsidiary filed for bankruptcy. The closed factory was opened in 2013 by the Turkish dairy group Süt Ürünleri A.Ş. ( Sutaş ) bought.
In 2006, the Californian investment company Markstone Capital Partners Fund wanted to take over Tnuva for 750 million dollars, but failed, among other things, because of the difficulty in getting the majority of the cooperative members to convert Tnuva into a corporation. At the end of 2006, the British investment company Apax Partners won a tender for the takeover together with the Israeli investor Mivtach Shamir Holdings (controlled by Meir Shamir ), which was closed in early January 2008. The purchase value is estimated at over $ 1 billion. Since then Apax has held 56.05% of the shares in Tnuva, Granot (alliance of the remaining kibbutz and moshavim cooperatives) 23.3% and Mivtach Shamir Holdings 20.67%.
In June 2011, increases in the price of cottage cheese led to protests in Israel and calls for a boycott, especially against Tnuva, which, however, were largely ineffective; for some of its products, Tnuva reduced the sales prices by around 15%.
In January 2012, the Israeli Ministry of Environment imposed a fine of 15 million shekels (the equivalent of 3.96 million dollars) on Tnuva for failing to comply with regulations on the pre-treatment and discharge of sewage into the sea. This was the highest environmental penalty ever imposed on an Israeli company to date.
On May 22, 2014, Apax and the state-owned Chinese food company Bright Food announced that they had signed a preliminary agreement to acquire a 56% stake in Tnuva by Bright Food for 8.6 billion shekels ($ 2.5 billion). The Bright Food Group is the second largest Chinese food company. The completion of the takeover was initially planned by October 5, 2014. As Tnuva’s sales slumped this year as a result of the Gaza conflict, among other things , Bright Food hesitated with the implementation, the deadline was extended by three months to January 5, 2015. The takeover was finally completed on March 30, 2015. Due to worse than expected business after the takeover and a 40% lower valuation of the company since then, Bright Food announced a cost saving program at Tnuva in 2016. In late 2016, the Central Disciplinary Commission of the Communist Party of China began investigating Bright Food executives. You are said to have received bribes when you bought Tnuva, the price of which was subsequently assessed as excessive. Guo Benheng, who was appointed as the new CEO of Tnuva, disappeared and was sentenced to six years in prison for corruption.
Individual evidence
- ↑ Management team
- ^ Tnuva Group published its 2013 financial statements today . March 11, 2014
- ↑ Media: Turkish dairy producer Sutas takes over former Tnuva factory in Romania, plans to re-start production . Romania-Insider.com, March 21, 2013
- ↑ Tnuva slapped with NIS 15M pollution fine . . Ynetnews, January 20, 2012
- ↑ How much should the polluter pay? Haaretz , January 26, 2012
- ↑ Funds advised by Apax Partners announce the sale of their stake in Tnuva to Bright Food (Group) . Apax communication
- ↑ timesofisrael.com
- ↑ China's Bright Food gets 3-month extension on Tnuva acquisition . Reuters, October 5, 2014
- ↑ Bright Food finally completes acquisition of Tnuva , March 30, 2015
- ^ Tnuva valuation slashed 40% , Globes, September 1, 2016
- ↑ China probes Tnuva deal graft charges - report , Globes, December 18, 2016